Question
A car dealership offers you no money down on a new car. You may pay for the car for 5 years by equal monthly end-of-the-month
A car dealership offers you no money down on a new car. You may pay for the car for 5 years by equal monthly end-of-the-month payments of $533 each, with the first payment to be made one month from today. If the discount annual rate is 19.51 percent compounded monthly, what is the present value of the car payments?
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Financial Markets and Institutions
Authors: Jeff Madura
11th Edition
1133947875, 9781305143005, 1305143000, 978-1133947875
